CIRCOR International enters definitive agreement

CIRCOR International, Inc. (CIRCOR), the leading providers of mission-critical flow control products and services for the Industrial Aerospace & Defense markets has entered into a definitive agreement to be acquired by investment funds managed by KKR, a leading global investment firm, in an all cash transaction valued at approximately USD 1.6bn, including the assumption of debt.

Under the terms of the agreement, KKR will acquire all outstanding shares of CIRCOR common stock for USD 49 per share in cash, representing a 55% premium to the Company’s closing stock price on June 2, 2023.

“Our agreement with KKR marks the successful culmination of a strategic review process conducted by the Board, supported by external advisors and the management team,” said Helmuth Ludwig, CIRCOR’s Board Chair. “As part of our comprehensive strategic review, initiated in March 2022, we engaged in extensive dialogue with a number of parties that expressed interest in acquiring all or parts of the Company. We believe that this transaction and the immediate cash value it will provide to CIRCOR’s stockholders best achieve the Board’s goal of unlocking the significant incremental value within CIRCOR for its stockholders. This transaction is a testament to the dedication of CIRCOR’s talented team and we are grateful for their tireless efforts and commitment to making CIRCOR an industry leader.”

“This transaction will create significant value for our stockholders, reflecting the dedication of our team in executing on our strategic priorities, the strength of our family of brands, and the deep relationships we have built with our customers,” said Tony Najjar, President and Chief Executive Officer of CIRCOR.

Previous articleAlfa Laval’s mixproof CIP and process valves
Next article50 years of REMBE